Investment Document

PREMIER ALCOBEV PVT. LTD

Strictly Private and Confidential

Page 0 of17 A. EXECUTIVE SUMMARY

Transaction Summary The management of PAPL is desirous of raising equity in PAPL for the proposed greenfield project of distillery, brewery and bottling plant in the State of Rajasthan as expansion of PAPL business

Company Overview • Commencement of operations in December 2015 • 45 KLPD Grain based distillery set-up by Praj Industries Limited • World class manufacturing facility in Sansarpur Terrace, . • 24 Lakh cases per annum Bottling of IMFL & CL for the state of Himachal Pradesh. • Manufacturing & Marketing of all popular brands of USL (Diageo) in Himachal Pradesh and . • 1.5 MW Co-generation power plant • ENA being sold to other entities viz., USL, Pernod Ricard, Allied Blenders & Distillers. • 12 Lakh cases per annum of Aseptic brick packaging unit in Ajmer, Rajasthan. • 30 Kilo Litre Per Day Ethanol Plant has been setup in 2019. Investment Highlights • Robust Growth in Industry • Strong Management Team • Marquee clients & established brands • Strong balance sheet & profitability profile • State of the art manufacturing facilities • Profitable expansions – Uttarakhand & Greenfield project in Rajasthan • Efficient manufacturing & Business • Innovations optimization Financial Highlights (INR Mn) FY16 (A) FY17 (A) FY18 (A) FY19 (A) FY20 (E) FY21 (E) FY22 (E) FY23 (E) (Consolidated) without Net Sales 209.63 736.01 1067.66 1783.9 2299.19 2806.16 5125.6 6274.75 any organic growth % growth - 251% 45% 67% 29% 22% 83% 22% and innovations EBIDTA 32.90 112.03 136.64 177.90 272.31 325.22 679.3 904.01 % margin 15.69% 15.22% 12.81% 9.97% 11.84% 11.59% 13.25% 14.41% PAT 1.71 16.8 34.44 66.2 117.23 166.54 188.49 271.01 % margin 0.82% 2.28% 3.23% 3.71% 5.10% 5.93% 3.68% 4.32% Confidential | Page 1 of 34 A B

EXECUTIVE SUMMARY COMPANY OVERVIEW

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MARKET ENHANCEMENT INDUSTRY OVERVIEW & NEW FACILITIES

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FINANCIAL INFORMATION THE PROPOSAL

CONFIDENTIAL | PAGE 2 OF34 B. DASHBOARD

CAPACITIES COMMENCEMENT OF OPERATIONS BUSINESS ENA – 45 KLPD (Being Enhanced December 2015 L1 Standard Grain Distillery & IMFL/CL Bottling to 85 KLPD) IMFL/CL – 24 LAKH CASES P.A

COST VS REVENUE (INR in Mn) • Revenues • Operating Cost PROJECTED GROWTH MARGINS

2018 1073 936 31% 15.50% 5.74% Revenue FY24 FY24 2019 1792 1614 CAGR (FY19 – EBIDTA PAT FY24) Margin Margin 2024(E) 7152 6061

NUMBERS & MARGINS IN FY 2019 PROFIT IN FY 2019 HEALTHY MARGINS IN FY 2019

67% 9.97% INR 1783 Mn Revenue EBIDTA INR 66.2 Mn 16.21% 14.19% Revenue Growth Margin PAT RONW ROCE

Confidential | Page 3 of34 B. COMPANY OVERVIEW

• PAPL is founded by Mr. Navjeet Singh Sobti and Mr. Vikas Gupta. REVENUE EBIDTA Margins (%) • It is one of the leading distilleries in North known for (Sales ENA and Bottling, INR Mn) producing best quality spirits for some of the leading brands of the world. FY2019 865 919 2019 9.97 • The Company is FSSC 22000 (Version 3.1): ISO TS 22002-1:2009 2018 certified and is focused in ensuring Total Quality Management. FY2018 760 306 12.80

2017 15.22 • It aims to be the most modern, dynamic, progressive Alcoholic FY2017 721 15 Beverage Company with an objective to be recognized as a trusted and reliable socio-economic enterprise. TOL/ TNW LONG TERM DEBT/ EQUITY RATIO • Managed by team of highly dedicated professionals imbibing integrity and leading growth.

• Within a span of very short period, the company has seen immense FY2019 1.82 FY2019 0.92 growth and has established a robust business supply chain system, greater network and some remarkable products catering to Indian FY2018 2.38 FY2018 1.03 Liquor Market FY2017 2.12 FY2017 1.07 • Using best in class technology and equipments, excellent distillation process and stringent quality check process makes each bottle produced by PAPL a quality make. Confidential | Page 4 of34 B. PROMOTERS & MANAGEMENT

SHAREHOLDING PATTERN MR. NAVJEET SINGH SOBTI Chartered Accountant with Experience of over 32 Years in 31% Financial Services Industry 50% Main promoter of the Almondz group which is listed on BSE & NSE and has diversified business interest in Financial 19% Services, Insurance, Infrastructure and Healthcare industries Regular Speaker and contributes at various platforms on Indian and International Capital Markets

MR. VIKAS GUPTA Finance Graduate from University of Sydney, Australia. Young and Dynamic Entrepreneur • North Square Projects Pvt. Ltd Experience and Interest in Hydro Power/Edible Oils processing, (Almondz Group Co.) – 50.00% Liquor and Real Estate businesses in India. Believes in providing • Vikas Gupta – 18.45% the best possible service to both the customers and supplier partners. • Magnum Hospitality (Vikas He is associated with various organizations such as PHD, IVPA, Gupta Owned) – 31.55% Solvent Extraction Association, FICCI etc.

Confidential | Page 5 of34 B. MANUFACTURING FACILITY

SALIENT FEATURES OF PLANT

Particulars Distillery Bottling By- products Capacity ENA - 45000 Litres /day 24 Lakh cases per 12 Lakh cases per DDGS & CO2 Plant (being enhanced to annum in Himachal annum in Ajmer, 85000 Litres/day Pradesh Rajasthan

Ethanol - 30,000 Litres Per Day

• Distillery project was implemented by M/s Praj Industries Ltd. – under the Eco-fine Multi pressure technology distillation & MPR System. • The Plant is a ZERO EFFLUENT DISCHARGE (ZED) System and is presently running at more than 100% capacity. • ENA sold to USL, Pernod Ricard, ABD etc. and Ethanol sold to petroleum companies like HPCL, BPCL and IOCL. • Impure Spirit (IS) is being sold to companies like IOL Pharmaceuticals etc. • The bottling plant has five semi-automated lines for bottling of IMFL & CL. • Bottling arrangement is signed with USL (Diageo) for its popular brands as a Franchise agreement for Himachal Pradesh & Chandigarh. • PAPL also operating as a Third party Manufacturing Unit (TMU) for other brands of USL (Diageo) • Aseptic brick packaged low cost IMFL project up and running in Rajasthan since with a capacity of 12 lakh cases per annum.

Confidential | Page 6 of34 B.HIMACHAL PRADESH MARKET LANDSCAPE: OVER THE YEARS

HIMACHAL PRADESH MARKET (LAKH BULK LITRES)

472.08 457.26 420.65 378.99 402.24 395.13 288.35 269.50 264.33 268.19 253.33 241.41 215.48 211.81 229.51 225.17 225.21 221.08

FY2014 FY2016 FY2017 FY2018 FY2019 FY 2023E IMFL CL ENA

• As per current scenario, IMFL, CL and ENA have been growing at CAGR of 3.29%, 2.11% and 2.65% respectively. • It is estimated that in future, Distilled Spirits (IMFL & CL) and ENA will grow at same rate.

Confidential | Page 7 of34 B. HIMACHAL PRADESH MARKET LANDSCAPE: PRODUCT SEGMENTS

HIMACHAL PRADESH DEMAND SUPPLY SCENARIO (LAKH BULK LITRES for 2018)

Present Scenario PAPL Production 74.84% 15.67% 2.14% 472.08 398.44 398.44

264.33 269.50 200.51 200.51 176.78 150.07 176.78

27.71 8.52

ENA IMFL CL ENA IMFL CL

Demand Supply Production Market

• Since the supply is less than demand, PAPL has great prospects in coming future • PAPL Caters to 74.84% of ENA demand for the state • PAPL also caters to 15.67% and 2.14% of IMFL and CL respectively. • With the enhancement of PAPL plant for ENA from 45KLPD to 85KLPD, PAPL would be able to cater to ~95%+ demand of ENA in the State Confidential | Page 8 of34 B. MARQUEE CLIENTS & ESTABLISHED BRANDS

• Spirit & IS sold to various • Own brands include Old brand owners in HP & Sniper Rum, Premiers Club used for internal , Premiers Club consumption Platinum Whisky. • Advantage of being the • The Full House whisky & only operational distillery Premiers Club vodka in HP. would be launched soon • Nascent stage of development Own ENA • High value proposition Brands

Franchise TMU Business

• Bottling of USL popular • Operates as a Third Party brands as franchise Manufacturer for USL/ • Bottling, sales & Diageo marketing responsibility • Optimistic brand growth • Presently 20% market • Market share to grow to share in HP 40% • Endeavour to grow it to 35 % in the near future Confidential | Page 9 of34 B. BRAND PORTFOLIO

Current Portfolio Brands to be added

Gin based RTD • To be developed • Avg MRP : Rs125-150

Vodka • To be developed • Segment: Semi Premium • Key Competitor: Magic Moments Confidential | Page 10 of34 B. FOCUS ON A PARTNERSHIP APPROACH

% Share of GBO % Share of NBO

75.8 39.6 35.8 36.5 34.3

36.3 33.8 % % Share % % Share 13.4 10.1 8.3 11.4 10.1 13.48.3 11.4 5.5 5.1 0.5 5.4 5

Diageo Pernod AbD Radico Others USL Pernod AbD Radico Others Khaitan Khaitan

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Source: Euro monitor, 2017

USL/ Diageo market leader and strong partner of PAPL

Confidential | Page 11 of34 A B

EXECUTIVE SUMMARY COMPANY OVERVIEW

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MARKET ENHANCEMENT INDUSTRY OVERVIEW & NEW FACILITIES

E F

FINANCIAL INFORMATION THE PROPOSAL

CONFIDENTIAL | PAGE 12 OF34 C. MARKET OVERVIEW

Market Share of liquor in India (value terms) • India is amongst the top three largest alcoholic beverages markets in the world. IMIL, 6% Wine & • Factors such as rising personal disposable incomes, changing Beer, RTD, 2% lifestyle, increasing social acceptance has been stimulating 24% the growth of alcoholic beverages industry • In India, alcohol consumption has been highest among men, IMFL, with male population in the age group of 25–59 being the 68% largest consumers. India is in the midst of a demographic shift wherein the population (including both male & female) Regional Distribution of IMFL in this working age group of 25–59 is becoming the largest East, segment. This would increase the traditional consumer base. North, 8% • High entry barriers due to stringent regulations and 20% South, investments required to set up manufacturing and 46% distribution network have prevented the entry of smaller players West, 26%

Confidential | Page 13 of 34 C. INDIA CONSUMPTION TRENDS

INDIA’S PER CAPITA CONSUMPTION IS ONE OF THE LOWEST IN APAC 80 70 60 50 40 APAC Average – 21.8 30 20

10 Per Capita in Litres in Capita Per 0 South Japan China Vietnam Thailand Hong Singapore Taiwan Phillipines Sri Lanka Malaysia India Bhutan Korea Kong

Retail Consumer spending on Alcoholic Drinks (2012-2017) in India

Particulars 2012 2013 2014 2015 2016 2017

Rs. Million 394,969.90 427,572.60 529,767.20 503,530.00 563,923.90 613,297.80

Source: Euro monitor, 2017

Confidential | Page 14 of34 C. INDUSTRY GROWTH DRIVER RISING INCOME LEVEL IS RE-SHAPING CONSUMER PREFERENCES

Annual Income level 2015 2025 per household • Globally travelled • Seek luxury experiences >10 lakhs Affluent 1% 4% 2% • Brand conscious 2 lakhs – 12% Middle • Willingness to pay for value 10 lakhs 23% 34% 0.9 lakhs 43% 33% – 2 lakhs Aspiring • Price conscious • Entering consumption cycle

Salience of households Evolving Consumer landscape • High % of millennials • Changing attitudes leading go higher spending habits

Source: McKinsey, excludes consumers not buying branded goods Confidential | Page 15 of34 C. ROBUST IMFL GROWTH

IMFL Market in India (Values in Rs. Bn.) IMFL Market in India (Volume in Mn. Litres)

8.78% 8.32% 7.40% 7.62% 9.12%

4.38% 5.11% 5.28% 4.01% 2.62% 3.19% 0.70% 2.69% 0.00% 1988 2040 2191 2358 2565 2799 3032 2567 2636 2720 2829 2953 3104 3268

2015 2016 2017 2018 2019P 2020P 2021P 2015 2016 2017 2018 2019P 2020P 2021P

Y-o-Y Growth Y-o-Y Growth

• IMFL primarily comprises of two broad segments: brown spirits and white spirits • Brown spirits includes whisky, and rum continues to be the largest segment comprising over 95% of market share by volume in India • In value terms the IMFL industry value is expected to increase at a CAGR of 8.5% over CY2017-2021 • Over the same period, IMFL volume is expected to grow at 4.7% indicating the premiumization trend

Confidential | Page 16 of34 A B

EXECUTIVE SUMMARY COMPANY OVERVIEW

C D

MARKET ENHANCEMENT INDUSTRY OVERVIEW & NEW FACILITIES

E F

FINANCIAL INFORMATION THE PROPOSAL

CONFIDENTIAL | PAGE 17 OF34 D. STRATEGIC ROADMAP FOR OUR BRANDS

Year 1 Year 2 Year 4 Year 6

Revenues: 7+ Cr Revenues: 70+ Cr Revenues: 340+ Cr Revenues: 990+ Cr

Cases Sold: 0.4 Lakhs Cases Sold: 2 Lakhs Cases Sold: 9 Lakhs Cases Sold: 24 Lakhs

Market Share: 1.9% Market Share: 1% Market Share: 2.17% Market Share: 4.4%

Cash burn: 0.2 Cash burn: 1.2 Crores Cash burn: 0.03 Cash Profit: 13.43 Crores Crores Crores States Added: HP, States Added: , Uttar States Added: , Chandigarh Pradesh Rajasthan, Uttarakhand, Punjab, J&K

Brands Introduced : Brands Introduced : Full Brands Introduced : Premier’s Club Whiskey, House Whiskey Vodka, Gin based RTD Old Sniper Rum, Premier’s Club Platinum

Confidential | Page 18 of34 D. SUMMARY OF EXPANSION PLANS

Year 1 Himachal Already Setup and running Pradesh

Post Funding Rajasthan IMFL – Premier Silica from Fly (Greenfield Platinum Proposed Avenues to Ash Expand Project) Whisky

Year 3 Uttar Pradesh Ready to Drink (Brownfield Biofuel In Pipeline – Gin Based Project)

Confidential | Page 19 of34 D. CAPACITY ENHANCEMENT & NEW MARKETS

Himachal Pradesh (Existing Market) • ENA Capacity from 45 KLPD to 85 KLPD

Uttarakhand • Bottling tie-up with GBO

Rajasthan (Phase 1) – New Market • 60 KLPD – Distillery • 25000 KLPA – Brewery • 50 Lakhs Cases per annum – IMFL/ CL

Confidential | Page 20 of34 D. RAJASTHAN MARKET LANDSCAPE: OVER THE YEARS

RAJASTHAN MARKET (LAKH BULK LITRES)

7577 6125 4452 4922 3713 3950 3097 3274 2593 2839 2590 1939 2109 2346 2097 1605 1382 1062 1131 1273 1527 478 846 916

FY2010 FY2014 FY2016 FY2017 FY2018E FY2020E FY2023E FY2025E

ENA Distilled Spirits (IMFL & CL) Beer

• As per current scenario, Beer, Distilled Spirits (G& CL) and ENA have been growing at CAGR of 13.09%, 13.11% and 13.94% respectively. • It is estimated that in future, Beer, Distilled Spirits (IMFL & CL) and ENA will grow at CAGR of 10.91%, 11.06% and 11.18% respectively. • With the increase in demand, the Revenue of Rajasthan State Excise has also increased at CAGR 17.30% from FY 07 to FY 16. The State Budget for FY18 is Rs. 8300 Crores as in FY17 the Revenue was Rs. 7600 Crores against the target of Rs. 7300 Crores.

Confidential | Page 21 of34 D. RAJASTHAN MARKET LANDSCAPE: PRODUCT SEGMENTS

RAJASTHAN DEMAND SUPPLY SCENARIO (LAKH BULK LITRES) Present Scenario Post CCPL Project 3274 4452 2300 2109 1845 2839 2295 2550 1131 1527 1052 1250

Distilleries Bottling (IMFL and Brewery Distilleries Bottling (IMFL and Brewery CL) CL)

Demand Supply Demand Supply

• The Current Capacities of Distilleries and Bottling plants in the state are inadequate to meet the current demand in Rajasthan. The demand is met by importing from other states which incurs extra cost of Rs.4-5 per BL. • The Liquor market of Rajasthan has been growing at a CAGR of ~13%. Even after commissioning of Carya’s Project there will be shortfall in capacities as against demand for both brewery and distillery. • This gives opportunity to Carya for further expanding the plant. Confidential | Page 22 of34 D. CAPACITY ENHANCEMENT & NEW PROJECT – CCFPL PROJECT

• Carya Chemical & Fertilizer Pvt. Ltd. (CCFPL), incorporated in May 2013, has been promoted by Vikas Gupta & Navjeet Sobti. • It has plans to setup an integrated Bottling, Brewery and Distillery project in Baran District, Rajasthan • The envisaged capacity of the project is – • Distillery – 60 KLPD • Brewery – 2,50,000 HLPA Huge benefit for • Bottling – 50 Lakh cases per annum the project • The project has been provided benefits under the RIPS 2014 as under :- • Investment Subsidy – 60% of VAT and CST for first 7 years and 40% for remaining 3 years • Employment Generation Subsidy – 10% of VAT and CST for first 10 years. • Secured loan for 50% of the amount deposited under the State Tax for further expenditures in Plant & Phase II Machinery. Financing • Repayment of the loan to start from 7th year onwards. source

Confidential | Page 23 of34 D. CAPACITY ENHANCEMENT & NEW PROJECT – CCFPL PROJECT

• Capital Expenditure of ~ Rs. 20 crores incurred till 30th June 2018. • Phase 1 commissioning to be completed by 30th June 2021. • TEV report for phase wise implementation is under preparation by Mott Macdonald • 90 acres of land allotted and is in possession of the company. • All statutory clearances including environmental clearance from MoEF, GoI and Ground water extraction permission from Central Ground Water Authority, GoI has been received by the CCFPL • Discussions with lenders – PSU Banks and NBFC are underway. • Many GBO & NBOs have shown keen interest to execute bottling arrangements with CCFPL.

Confidential | Page 24 of34 D. CAPACITY ENHANCEMENT & NEW PROJECT – CCFPL PROJECT TOTAL PROJECT COST

S.No Cost Heads Total (Rs. Mn.) Means of Finance Total (Rs. Mn.)

1. Land Cost 97.26 Senior Loan 1852.47 2. Site Development 155.00 Promoter Equity 1208.20

3. Building 857.60 Total Cost (A+B) 3060.77 4. Plant & Machinery 1418.00 Debt – Equity Ratio 1.50

5. Misc. Fixed Assets 25.00 6. Preliminary Expenses 17.50

7. Pre-operative Expenses 96.35 Projections FY2022 FY2023 FY2024 FY2025 Hard Cost (A) 2666.71 Net Revenue 8. Contingencies (5%) 127.60 (Rs. Mn.) 2097.1 3151.5 3798.9 4255 EBIDTA 9. IDC & Finance Charges 175.87 (Margin %) 15.52% 17.09% 18.80% 19.44% 10. Margin Money for Working Capital 90.58 PAT (Rs. Mn.) 11.4 81.5 201 287.6 Soft Cost (B) 394.05

Total Cost (A+B) 3060.77 Confidential | Page 25 of34 A B

EXECUTIVE SUMMARY COMPANY OVERVIEW

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MARKET ENHANCEMENT INDUSTRY OVERVIEW & NEW FACILITIES

E F

FINANCIAL INFORMATION THE PROPOSAL

CONFIDENTIAL | PAGE 26 OF34 E. PAPL’s TARGETED REVENUE SEGMENTATION

The Natural Progression of the Company’s Business Strategy will be in the form of a Higher Dependency on Bottling as a Revenue Driver and a Large Part of the same will be Branded Sales. Part of this transformation would be apparent in the increase in EBITDA margin from less than 13% during FY18 to more than 16% in FY24.

A. Current Scenario B. Future Scenario

20% Retail 2% Retail 42.5% 45% Bottling Bottling

37.5% 53% Distillery Distillery Confidential | Page 27 of34 E. CONSOLIDATED FINANCIAL PROJECTIONS - PROFIT AND LOSS (INR Mn)

Particulars FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24

Total Revenue * 2084.3 2775.8 3371.7 9822.3 13139.3 15407.2

Less: Excise Duty 300.4 476.6 565.5 4696.7 6864.5 8395.6

Net Revenue 1783.9 2299.2 2806.2 5125.6 6274.8 7011.5 Other Income 8.0 38.7 98.7 128.7 134.7 141.0

Total Expenses 1614 2065.5 2579.6 4575.0 5505.4 6061.3

EBITDA 177.9 272.3 325.2 679.3 904.0 1091.2 PAT 66.2 117.2 166.5 188.5 271.0 402.5 EBITDA % 9.97% 11.84% 11.59% 13.25% 14.41% 15.56% PAT % 3.71% 5.10% 5.93% 3.68% 4.32% 5.74%

* Benefits of VAT & CST Subsidy not taken into account

Confidential | Page 28 of34 A B

EXECUTIVE SUMMARY COMPANY OVERVIEW

C D

MARKET ENHANCEMENT INDUSTRY OVERVIEW & NEW FACILITIES

E F

FINANCIAL INFORMATION THE PROPOSAL

CONFIDENTIAL | PAGE 29 OF34 F. PROPOSAL : INVESTMENT HIGHLIGHTS

Strong profitable Highly Profitable Marquee balance sheet expansion clientele & planned in the established State of brands Rajasthan

Strong Efficient Management manufacturing & Team Innovation

Robust Industry growth in PAPL Trajectory Alcohol sector PAPL

Opportunity to partner with a fast growing alcohol manufacturer and bottler in the State of Himachal, Rajasthan & Uttarakhand Confidential | Page 30 of34 F. PROPOSAL : PAPL PROGRESSION (2019-2024)

Initial Public Offer of PAPL

FY 2024 1st round funding PE FY 2022 Consolidated FY 2019 Turnover – INR 7011.50 Mn Implementation of CARYA EBIDTA – INR 1091.20 Mn Project in Rajasthan FY 2018 Commencement of TMU Innovation achieved in PAPL Operations in Uttarakhand Consolidated FY 2017 Bottling operations Proj. Turnover –INR 5125.60 Mn started Turnover – INR 1792 Mn EBIDTA –INR 679.30 Mn FY 2016 Turnover - INR 1073 EBIDTA - INR 177.9 Mn First full year of Mn (includes operations bottling revenue of Commencement of Turnover- INR 740 Mn INR 306 Mn) Distillery Operations in EBIDTA – INR 112 Mn EBIDTA – INR 137 Nov 2015 Mn Turnover - INR 209 Mn EBIDTA – INR 33

Confidential | Page 31 of34 SUCCESS STORY IN THIS SECTOR (1/2)

John Distilleries Pvt Ltd is an Indian company that produces distilled beverages, and the company's flagship brand is Original Choice whisky. It also manufactures brandy, whisky, wines. Year The Journey..!

Year of Foundation: 1992 1992 Established by Paul P. John Headquarter: Launched Original Choice Employees: 2000+ 1996 whisky

Launched Big Banyan wines INR 3000 Cr 13 States 8 + 2007

Gross Distribution Manufacturing 2008 Acquired Chitali Distilleries Revenue (FY 2018) Network Plants 2011 Raised funding from Gaja Capital 8 Brands INR 75 Cr 15 Million 2018 Revenues touched INR 3000 Cr Whiskey, Brandy Investment by Million Cases Sazerac acquired Gaja Capital’s & Wine Gaja Capital Sold 2019 stake

Confidential | Page 32 of34 SUCCESS STORY IN THIS SECTOR (2/2)

Radico Khaitan Limited (RKL) is one of the oldest and the largest INR 8000+ Cr manufacturers of Indian Made Foreign Liquor (IMFL) in India. Gross Revenue (FY 2018) The company has 2 distilleries in Rampur and Aurangabad It has a total capacity of 157 million litres and operates 28 Year of Foundation: 1943 bottling plants across India Headquarter: Uttar Pradesh

Radico introduced Became the 1st Indian Became the exclusive GN Khaitan bought the Beck’s Beer and E&J company to have distributor for Japan’s loss making Distillery overseas production Suntory in from Vishnu Dalmia Gallo wines in the Indian market lines in UK & India 1972 2003 2006 2011 ’s Journey to Success

1999 2005 2007 2019 Magic Moments was Current portfolio has Radico’s flagship brand Radico set up its 2nd launched in the semi - over 15 Brands and it 8PM whisky was Distillery in premium vodka exports its products launched Aurangabad segment over 85 Countries Page 33 of34 GLOSSARY

APAC Asia Pacific NBO National Brand Owner BSE Bombay Stock Exchange NBFC Non Banking Finance Company BL Bulk Litres NSE National Stock Exchange BII & BIO Bottled in India & Bottled in Origin OMC Oil Marketing Companies BTECH Bachelor of Technology PAT Profit after Tax CAGR Compounded Annual Growth Rate P/E Price Earning CAIIB Chartered Associate of Indian Institute of Banker PAPL Premier Alcobev Private Ltd. CL or IMIL Country Liquor or Indian Made Indian Liquor PHD Doctorate of Philosophy CCFPL Carya Chemical & Fertilizers Pvt. Ltd. P.A. Per Annum CGWA Central Ground Water Authority RONW Return on Net worth CO2 Carbon Dioxide ROCE Return on Capital Employed CST Central Sales Tax Rs./INR Indian Rupees DDGS Distillers Dried Grain of Soluble SCOT Strength Challenges Opportunity Threats EBIDTA Earnings before interest, depreciation, tax and amortization SPCB State Pollution Control Board ENA Extra Neutral Alcohol TDC Total Delivered Cost FY Financial Year TOL Total Outstanding Liabilities FICCI Federation of Indian Chambers of Commerce and Industries TNW Tangible Net worth FMCG Fast Moving Consumer Goods USL United Spirits Limited GBO Global Brand Owner VAT Value Added Tax GST Goods & Services Tax Y-o-Y Year on Year GoR Government of Rajasthan GoI Government of India IMFL Indian Made Foreign Liquor IRR Internal Rate of Return KLPD Kilo Litres per day KLPA Kilo Litres Per Annum LLB Bachelor of Law MW Mega Watt MPR Multi Pressure Mn. Millions MoEF Ministry of Environment & Forest MT Metric Tonnes Confidential | Page 34 of34